New guidelines by RBI on card usage will make it difficult for swindlers to dupe cardholders, but customers say security has come at the cost of convenience.
The opposition party questioned why the government took five years after the liquidation proceedings of ABG Shipyard to lodge an FIR in connection with the alleged duping of 28 banks.
In an 18-page "suicide note" to the Central Bureau of Investigation (CBI), Sudipta Sen has declared himself as the only son of Maa Saradha.
Going through the credit report regularly will make you aware of a number of issues. One is identity theft.
With Sebi telling the Supreme Court that it was not investigating the Adani group since 2016, the Congress on Monday cited a Union minister's reply in the Lok Sabha to challenge the claim and asked whether Parliament was misled or the market regulator was "fast asleep" as investors were "duped".
Investigators working with the Federal Bureau of Investigation revealed that 'cover up', 'write off'', 'illegal', and 'failed investment' were used most often by employees carrying out rogue trading and fraud.
Such attempts had risen sharply right before pandemic and early part of pandemic by 121 per cent.
Be careful if you find your postal mails/ bank and financial statements intercepted, pilfered or tampered with.
The Securities and Exchange Board of India chairman C B Bhave said punishment should be quick for the perpetrators of fraud at IT firm Satyam Computer.
In the year-long crackdown on tax evasion, the GST authorities have unearthed over Rs 35,000 crore of tax fraud committed by misuse of input tax credit provision under the Goods and Services Tax (GST) regime. During the 2020-21 financial year, the CGST zones and the Directorate General of GST Intelligence (DGGI) booked about 8,000 cases involving fake ITC of over Rs 35,000 crore, a statement from CBIC said. Under the GST regime, at the time of paying tax on output, entities can reduce the tax they have already paid on inputs.
India has moved up in rankings from ninth to the fourth spot this year in the tally of top 20 countries affected by spam calls, owing to a significant increase in sales and telemarketing calls, as per a report by Truecaller. This year, all categories of sales-related calls made up a vast majority (93.5 per cent) of all incoming spam calls. Interestingly, over 202 million spam calls were made by just one spammer in India this year between January to October - which is over 6.64 lakh calls every day and 27,000 calls every hour of every day.
Personal data of thousands of people in India has been leaked from a government server which includes their name, mobile number, address and Covid test result, and these information can be accessed through online search.
A pan-India 'fraud-to-phone' network has been busted by security agencies, which have also arrested eight people and seized nearly 300 new mobile phones bought with stolen funds, officials said on Tuesday. Moreover, 900 mobile phones, 1,000 bank accounts and hundreds of unified payment interface (UPI) and e-commerce IDs of this gang have been identified and are under investigation. Nearly 100 bank accounts, and debit and credit cards have been frozen by the security agencies so far, officials said.
Borrowers should be careful if the app promises too-quick disbursal, and doesn't provide adequate information on the terms of the loan, such as interest rate, repayment schedule, etc.
Two Indian Americans -- Congressman Ro Khanna and Vijaya Gadde -- prominently figure in United States President Joe Biden's son Hunter Biden's laptop story whose full disclosure Twitter CEO Elon Musk has announced would be released on the microblogging site.
An Indian national from Gurgaon has been sentenced to three years in federal imprisonment on charges of call centre fraud that intended to cheat Americans of millions of dollars, a US attorney said.
The Reserve Bank on Monday cautioned people against frauds in the name of KYC updation and advised them not to share key information like account details or passwords with unidentified persons or agencies. In a release, the RBI said it has been receiving complaints/reports about customers falling prey to frauds being perpetrated in the name of KYC updation. "The usual modus operandi in such cases include receipt of unsolicited communication, such as, calls, SMSs, emails, etc., by customer urging him/her to share certain personal details, account / login details/ card information, PIN, OTP, etc. or install some unauthorised/ unverified application for KYC updation using a link provided in the communication," it said.
Grim police procedurals, dark superheroes, ghostly encounters, things get pretty intense on OTT this week. Sukanya Verma offers some suggestions.
Referring to Supreme Court's order against Sahara group as a benchmark for cases of unauthorized raising of money from public, Sebi has barred seven persons and one company from the markets for ten years for their involvement in the estimated Rs 1,500 crore 'StockGuru' fraud.
The Reserve Bank of India (RBI) on Friday extended the card-on-file (CoF) tokenisation deadline by three months to September 30, 2022, in view of various representations received from industry bodies. Card-on-file, or CoF, refers to card information stored by payment gateway and merchants to process future transactions. Tokenisation is the process of replacing actual card details with a unique alternate code called 'Token' - thereby enabling more secure transactions.
However, Jaitley's son-in-law had earlier issued a statement stating that his law firm had returned the retainership the moment they came to know that the company was involved in a scam.
Do not trust any incoming phone calls or mails that ask you to install any file or programme, warns Niranjan Upadhye, general manager-fraud risk management, Worldline India.
Even as India's internet base continues to widen, with the country set to have over 900 internet users by 2025, a parallel rise in cyber threats has become a matter of huge concern. Experts say that the sudden surge in digital adoption left little time to develop a cybersecurity backbone for the country. This has put large amounts of data at risk.
'Queen's mural is going to stay here for years and years to come.'
Frauds can have immediate impact on the banks' financials and can also cause a systemic risk in extreme cases
Prompt measures and legal actions taken by the Indian government and PNB helped in securing the extradition of diamantaire Nirav Modi by the UK on Friday, a senior official said. UK Home Secretary Priti Patel on Friday signed off on the order to extradite Nirav Modi, wanted in India on fraud and money laundering charges related to the estimated USD 2-billion Punjab National Bank (PNB) scam case. According to the government official, a scam of this magnitude had potential to create instability in the financial sector but the deft handling saved the entire public sector banking space from the crisis and litigation.
It further said that the loan application form should be suitably modified to incorporate passport details of borrowers.
The government may drop its plan to decriminalise cheque bounce offences after there were requests to continue the existing system, which can potentially make people honour their financial commitments due to fear of prosecution. It would seek directions from a Supreme Court panel formed to expedite the pendency of cheque bounce cases before taking a final call. Last year the Department of Financial Services (DFS) had proposed decriminalising minor offences, which included cheque bouncing, for improving business sentiment and unclogging court processes.
Kapoor has told the Enforcement Directorate that he was 'forced' to buy the M F Husain painting from Priyanka Gandhi and the sale proceeds were utilised by the Gandhi family for the medical treatment of Congress president Sonia Gandhi in New York, according to the charge sheet filed by the federal anti-money laundering agency in a special court in Mumbai.
Customers taking small and convenient steps and some degree of care and precaution while paying digitally will ensure safety and security from new threats that emerge every day, says Avinash Luthria
Niranjan Upadhye, general manager, fraud risk management, Worldline India, tells you how to quickly spot a scam and save yourself from grief.
Fraudulent emails exhorting people to deposit cash for reward are on the rise.
About 70 per cent of ATMs in India are running on outdated operating systems, which makes it easier for fraudsters to crack them
Fraudsters duplicate SIM cards to hack into bank accounts.
Taking bank lottery scam to a new level, scamsters are using the name and picture of RBI chief Raghuram Rajan to lure gullible people into making a cash deposit of Rs 15,500 to get a winning amount of Rs 5.50 crore.
A user just needs to download any app floated by such fraudsters and apply for instant loans. These apps are mainly concentrated on Google Play considering the reach and popularity of Android systems.
Traders who pay in rupees generate over Rs 50 crore in daily cryptocurrency volumes. Indians actually invest a great deal more in forex-denominated trades, observes Devangshu Dutta, explaining why it is impossible to ban cryptocurrency.
